David Wessel
Contributor at The Wall Street Journal
Director, Hutchins Center at Brookings Institution
Director, Hutchins Center on Fiscal & Monetary Policy, Brookings. My latest book "Only the Rich Can Play," the story of Opportunity Zones.
Articles
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1 week ago |
brookings.edu | David Wessel
The U.S. Treasury’s Federal Insurance Office has posted ZIP code level data for 2018-2022 showing that homeowners insurance is becoming more costly and harder to procure for millions of Americans as the costs of climate-related events pose growing challenges to insurers and their customers. The snapshot covers more than 330 private insurers and about 50 million homeowner insurance policies for each year.
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1 month ago |
brookings.edu | David Wessel
Opportunity Zones (OZs), created by the 2017 Tax Cuts and Jobs Act, offers generous tax incentives for private investors who put money into any of 8,764 census tracts across the U.S., nearly all of them low-income communities. “Their purpose,” as the Internal Revenue Service puts it, “is to spur economic growth and job creation in low-income communities while providing benefits to investors.” The reconciliation bill pending in the House in 2025 would renew and tweak the OZ program.
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1 month ago |
brookings.edu | Tristan Loa |David Wessel
What is a budget baseline? A budget baseline is a projection of federal spending, revenues, deficits or surpluses, and debt, based on assumptions about the economy and trends in spending and revenues. Congress relies on baselines, often looking out ten years, produced by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT). This post explains the importance of baselines to the congressional budget process. How do current law and current policy baselines differ?
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1 month ago |
brookings.edu | Janice Eberly |Anil Kashyap |Jón Steinsson |David Wessel
At around $900 billion in transactions daily, the market for U.S. Treasuries is massive, not only in terms of quantity but also in terms of importance to the U.S. and global economies. The Treasury market is tied to interest rates, the value of the dollar, and financial markets around the world. So when shocks hit the Treasury market, as they did during the COVID-19 crisis, the ripple effects can be global.
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2 months ago |
brookings.edu | Alexander N. Conner |David Wessel
After the Russian invasion of Ukraine in February 2022, the U.S. and its allies responded with an economic toolkit designed to strengthen Ukraine and diminish Russia’s war-making capacity. Among the most potent of these tools was to freeze Russia’s foreign exchange reserves and use them as the basis for a large-scale loan to Ukraine. As the Trump administration pursues negotiations without America’s allies, the future of this economic toolkit is highly uncertain.
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Ten Fed officials expect the central bank to cut rates at least twice this year, a narrower majority than in March. Two penciled in one cut. Seven penciled in no changes this year, up from just four in March. https://t.co/8A9IyCCrnY